{"F": {"ts_code": "300682.SZ", "name": "朗新科技", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "IT服务Ⅱ", "sw3": "IT服务Ⅲ", "ind": "IT服务Ⅱ", "fin_source": "tushare", "market": "创业板", "list_date": "20170801", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 9.41, "pe_ttm": null, "pb": 1.5924, "dv_ttm": 2.0191, "total_mv": 1014619.8878, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [45.9, 43.4, 39.2, 40.7, 41.3, 41.5], "rev_series": [33.9, 46.4, 45.5, 47.3, 44.8, 45.2], "np_series": [7.1, 8.5, 5.1, 6.0, -2.5, 1.0], "roe_series": [13.9, 14.2, 7.8, 8.4, -3.5, 1.5], "period": "20260630", "rev_ttm": 44.6, "np_ttm": -1.0, "ocf_ttm": 3.6, "fcf_ttm": 1.7, "fcf_yield": 1.7, "ocf_yield": 3.6, "gm_median": 41.3, "gm_std": 1.4, "gm_stab": 0.97, "gm_chg_2022": -6.6, "npm_median": 9.3, "roe_median": 7.8, "commodity": false, "hard_ratio": 12.0, "fix_assets": 9.8, "goodwill_ratio": 14.0, "pb_calc": 1.59, "capex_dep": 1.79, "interest_debt": 9.8, "debt_ebitda": 26.4, "debt_ratio": 28.0, "debt_mv": 9.7, "payout": 120.0, "div_years": 5, "rev_cagr3": -0.3, "np_cagr3": -41.1, "rev_yoy": -3.9, "np_yoy": -730.2, "np_vol": 92.1, "loss_years": 1, "far_share": 100, "earn_yield": null, "consensus_n": 8, "fwd_pe": 27.1, "fwd_pe2": 17.8, "fwd_g1": null, "fwd_g2": 53.0, "peg": 0.51, "consensus_disp": null, "mainbz": [["平台运营", 68.0], ["软件服务", 28.0], ["其他主营业务", 2.0], ["其他业务", 2.0]], "ret_prev_year": 27.7, "ret_prev2_year": -25.0, "ret_ytd": -37.4, "ret_pivot": 16.5, "prev_year": "2025", "prev2_year": "2024", "ret_20": -18.9, "ret_60": -13.3, "ret_120": -48.6, "ret_250": -61.7, "mdd_250": -64.8, "vol_250": 48.2, "pos_52w": 36.0}, "S": {"duration": 100, "pricing": 58, "hard": 19, "bondness": 82}, "label": "亏损或困境", "tags": ["PEG<0.8"], "text": {"像什么": ["TTM 归母净利 -1.0 亿,近 5 年亏损 1 年;PE 为负,估值指标失真。", "资产负债率 28%,有息负债 10 亿,经营现金流/市值 3.6%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 41.3%),硬资产占比 12%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 1.7%(经营现金流/市值 3.6%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 41.3%,稳定度 97%,2020→2022 成本通胀期毛利率变化 -6.6 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 12%,资本开支/折旧 1.79 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -62%,最大回撤 -65%,年化波动 48%,现价在 52 周高点的 36%;近 20 / 60 / 120 日 -19% / -13% / -49%。", "行业对照": ["同申万二级「IT服务Ⅱ」134 家中位:PE 84.0 / 股息率 0.4% / 毛利率 28.1% / 固定资产占比 9% / 分红率 35%。", "朗新科技:PE ;股息率 比行业中位高 1.6个百分点;毛利率 比行业中位高 13.2个百分点;固定资产占比 比行业中位高 3.4个百分点。"]}}